Why Centennial Resource Development Stock Rallied 10.5% at the Open Today
Shares of U.S. exploration and production (E&P) company Centennial Resource Development (NASDAQ: CDEV) rose 10.5% in the first few minutes of trading on Nov. 4. About a half hour into the market day the stock was sitting at a roughly 8% gain. The big news was the energy company's earnings, which were released after the close on Nov. 3.
From a big-picture perspective, Centennial Resource Development, like most oil and gas drillers, has been benefiting from rising energy prices. So it isn't exactly shocking that it had a solid quarter. On the top line, third-quarter 2021 sales totaled $288.5 million, up from $149.1 million in the same quarter last year. At the bottom line of the earnings statement, Centennial Resource Development posted a $0.12-per-share profit compared to a loss of $0.19 in the third quarter of 2020. Higher commodity prices were a big piece of the equation.
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Source Fool.com
